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Morris says that is the risk.
Trying not to upset the Chinese he went up of setting the world on looking like a win one erratic.
They mega best seller whose latest work is catastrophe here to explain the catastrophic consequences.
Of letting this nonsense go too far what do you think.
Look first of all let's put into perspective that about a tenth.
-- Chinese GDP comes from its export surplus with the United States.
That still is running even or recession -- that.
250 billion dollars a year.
So this is an economy that we really are sustain.
But this flight to wait this talk about the yen appreciating is really part of the global effort to move away from the dollar.
Is the International Monetary Fund is really releasing.
Its special drawing rights SDRs.
Which will increasingly replace the dollar in the international markets our deficit and our debt.
Has so screwed up our financial credibility.
That we literally are on the verge of losing what we got in 1945.
At Bretton Woods which is that the dollar is the international currency.
And once we lose that it's going to hurt the American people in innumerable ways -- -- but it meant a lot of market.
Money from anybody else on -- but if the markets are worried about it they're not showing it.
Well I think I can't account for the markets that it it's hard enough to account the economic the underlying staff although I would argue the price of gold -- But look the big reason we can borrow limitless is everybody is drowning -- dollars.
Of the world's currency reserves denominated.
In dollars and they've got the Dallas so the safest place to put -- dollar is in the United States government so they buy bonds.
But if all of a sudden there ST ER -- euros or -- And they got to go out and buy dollars and then buy bonds.
That's not going to be worthwhile for them and you're gonna find more and more.
That foreign countries are not willing to buy American debt.
Which means higher interest rates and higher taxes and less growth for the American people all because of Barack Obama's.
-- -- Spending increasing spending then they can spend one trillion don't know yet but that this insane trend of spending more than we're take -- has been going on for a quite a while now and he got no no no it hasn't and I -- has George Bush deficit deficit to -- that 92008.
Billion the deficit for 2009.
Fiscal year is one point four trip.
-- that -- -- c'mon you're too Smart for descending we didn't have the war on on on on budget -- for that item I mean let's.
I'm not trying to -- shades -- a greater responsibility to one party or the other and send them both parties have had their handed digging out alert.
Neil -- the overwhelming.
-- What the spending increased the overwhelming burden for the deficit increase pre TARP.
Falls completely on Obama mostly.
On this ridiculous spending package in the supplemental preparation this guy in nine months has destroyed.
The financial credibility of his country.
But I don't and to.
I believe remind -- Irish government and security in this -- you're do you plain wrong on this when you plain wrong.
Not not saying this guy's a -- saint with a predecessor was a you know fiscal demon or saying I am saying that there's been a long history.
Where we have been spending more than we are taking in.
Where we have been putting things like wars off budget.
And all of a sudden the chickens are coming on the -- and guess what -- did that they're both democratic and Republican tickets that's what's happening.
-- I don't know what the plot is going on that -- what's the deal you know and you don't understand not a particularly late day.
If you don't understand that forces like the federal budget yeah yeah.
-- -- back then you don't know you're you're you're you're just saying this is -- Barack Obama's fault and I am telling you.
Look at the numbers and you come to a simple conclusion.
That there are a lot of hands in this budget pie here Republican and Democrat.
And for you to just say it's all this one guy.
I mean c'mon you're not being very -- -- night.
When I worked for President Clinton and actually wrote that the federal budget which you've never done.
We actually had a budget surplus -- You could tickets yeah so I -- you know you want to show little I don't know if -- no problem lying like this.
Did you are saying net then why did yeah because -- -- that you never written a budget.
Well I've read my share of them and I know what -- another when I know what doesn't.
And I know what went into this one and I know what one of the -- once and I know what's include I know what's not include.
I'm not saying Barack Obama is all good or only -- I'm not saying President Bush is all good -- all evil this isn't a question of whether someone knows the budget or doesn't know a budget.
It's a fact that this has been a generational thing.
Going on here -- you know wake up and say that it happened on January 20.
Yeah tennis is at best being disingenuous.
You can give me 45 seconds to realize until after President Clinton left basically -- balanced budget.
Then we got hit with 9/11 with a significant slump and revenues and then we got hit with Katrina and then we got hit with Afghanistan and then we chose to get hit with Iraq.
As a result of all of that the budget deficit.
Rose to about 300 to 350.
It over the -- written in fact markets the budget was a lot of the war spending was off budget but the most of which 400 billion.
That's an economy at that time of thirteen trillion and so was well in the 3% range that Europe -- Then we got hit overwhelmingly with the beginning of the recession in seven that cent tax revenues plunging.
And we got hit with the first stage of the TARP spending.
-- that's and that's not -- let's increase the deficit -- until about 450.
-- I don't know -- -- in -- Barack Obama -- -- -- -- and Barack Obama started way slowly retreated thick enough enough this is just getting silly.
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